Gulf region investing over $18 bn in new steel plants

Abu Dhabi, May 21 (IANS) More than $18 billion is being invested in 46 steel manufacturing plants throughout the Gulf to meet the region’s increasing demand for steel, WAM news agency reported Wednesday. “While there is talk of a slowdown in other parts of the world, the growth in the Middle East manufacturing base continues to expand with demand for steel far outstripping supply,” said Spencer Felix, exhibition manager of the Middle East Manufacturing Exhibition (MEMEX), which takes place at the Abu Dhabi National Exhibition Centre Nov 23-25.

“In the race to plug the supply gap a swathe of new steel plant projects as well as expansions to existing plants have been unveiled across the region with huge potential business opportunities for industry stakeholders,” he added.

According to the database of research company Proleads, which monitors major construction projects across the region from initial study to completion, Saudi Arabia with 17 projects and the United Arab Emirates with 16 are leading the way in steel plant projects individually varying in value from $2 billion to $15 billion. Oman has six steel plants on the books, Bahrain four and Qatar three projects.

Leading the list of projects is an integrated complex of steel factories in Saudi Arabia. Of the top ten projects, four are in Saudi Arabia, three in the UAE, two in Qatar and one in Oman.

MEMEX, which started in 2007, provides a platform for suppliers to network and conduct business with organisations currently producing or manufacturing in the Middle East.

This year’s event would include Industryscape - a dedicated trade show for industrial, manufacturing and production real estate.